Stock Market Weekly Review

21 Jun, 2019 - 00:06 0 Views
Stock Market Weekly Review

eBusiness Weekly

Enacy Mapakame Business Reporter
Bulls continued to charge on the Zimbabwe Stock Exchange (ZSE) in the week to Wednesday (June 19, 2019), as all key market indicators closed the period in the black. Not a single faller was in recorded, as the positive market breadth trend extended across stocks.

The appetite for stocks has increased across the board as investors seek cover against the volatile economic environment characterized by inflationary pressures.

In the week under review, the primary indicator, the ZSE All Share Index jumped 12,88 percent to 218,77 points sustained by gains across the board.

The market’s elite club, the ZSE Top 10 Index put on 14,76 percent to close the week pegged at 214,17 points, breaching the 200 point mark.

At 729,64 points, the Industrials Index was 12,8 percent above prior week’s 646 points. The Mining Index of two active counters also surged 13,74 percent to 282,64 points, extending its year to date gains by 24,12 percent.

Total market value jumped 13,14 percent to $28,9 billion.

For the week under review, the momentum stock was Seed Co International which jumped 30,45 percent to $2,15 followed by Cassava which rose 25 percent to close at $2,18. The smartech group shot up to become the market’s top cap counter with a total value of $$5,6 billion ahead of Econet and Delta now ranked second and third, respectively.

The three top counters account for a combined 54,96 percent of the market’s total value.

Cassava together with and Comviva recently jointly won the East Africa Com Award in the “Changing Lives” category for Cassava’s EcoCash mobile money service, which has enabled financial inclusion and ease of transacting in the country.

At 13 cents, Masimba was 23 percent above prior week’s 10,5 cents while clothing retailer, Edgars put on 21 percent to settle at 20 cents.

First Mutual Properties (FMP) wrapped the week’s top five risers with a 20 percent increase to 7,8 cents from 6,5 cents recorded in the previous week.

Other notable gains were recorded in FBC, Truworths and ZHL which rose by 19 percent each to close the week at 60,25 cents, 2,41 cents  6,04 cents respectively. ZHL is scheduled to hold its annual general meeting on June 26.

Proplastics put on 17,75 percent to 37,68 cents while industrial conglomerate Innscor advanced 16,42 percent to $2,75.

Telecoms giant, Econet ticked 16,72 percent to $2,03 while the duo of hospitality groups, African Sun and Meikles increased by 12 percent each to 44,97 cents and $1,12 respectively.

Nampak and CBZ each put on 11 percent to close the week pegged at36 cents and 50 cents in that order. Gaining by 10 percent apiece were OK, Old Mutual, Padenga and Star Africa that closed at 55,43 cents, $15,50, $2,15 and 2 cents, respectively.

On the resources side, both Bindura Nickel Corporation and RioZim registered gains of 18,18 percent to 13 cents and 11,81 percent to $2,23, in that order.

Maintaining prior week levels were paper and packaging group, ART which closed at 11 cents after reporting $8,6 million after tax profit for the half year to March 31, 2019 representing, a 135 percent increase from $3,6 million achieved in the prior year, on increased exports.

ART’s export sales volumes went up 30 percent as the company focused on increasing foreign currency generation initiatives.

Dawn, Fidelity, General Beltings and NTS were also unchanged at 3,36 cents, 8,44 cents, 2 cents and 2,09 cents respectively.

Agriculture concern, TSL also remained flat at 60,25 cents after the group told shareholders that it had a sound performance during the first half of this financial year, although foreign currency shortages remained a huge challenge for the business.

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